you have really an energy bonanza. so i think the market can gon higher. i think there's a real risk of having too much money in nonproductive assets on the sidelines. >> doug, for a long time, individual investors were fearful of the markets and saying they were too scared to get into the markets. and now they're so scared that they've missed this rally. what do you say to your clients when they bring up this question? is it too late to buy in now? >> in the year 2000, year 2007 and now again today, the s&p was at about 1550. what i would point out is those were different valuations. in 2000 the market was trading nearly 30 times earnings. in 2007 it was about 16 or 17 times earnings, and today it's about 14 times earnings. so the stocks, there's much more earnings underlying them providing a foundation for valuations. so i believe one, is valuations are fair, and then we see central banks around the world have kept interest rates low in printing money. in the end those dollars will flow into stocks and make them go higher. >> doug, i want to come back to